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@DaveMcClure
@500Startups http://500.co
Stockholm TechFest - Sept 2016
Farming Unicorns
Building Startup &
Investor Ecosys...
Dave McClure

Founding Partner, 500 Startups
00’s & 10’s:
• VC: Founders Fund, Facebook fbFund, 500 Startups
• Angel: Mash...
• What is 500?
– $250M global seed fund + startup accelerator
– 125 people / 25 languages / 20 countries
– 1600+ Companies...
Investor Ecosystem
Angels &
Accelerators
($0-10M)
“Seed” Funds
($10-100M)
“Traditional” VC Funds
($100-500M)
“Unicorn” VC ...
Football
West Coast
Offense
Baseball
MoneyBall
Basketball
3 point
revolution
Venture Capital
500 Startups
“Lots of little ...
500 Startups Mission
1.Find Smart People.
2.Give Them Money.
3.Wait for Good Shit to Happen.
500 Startups Mission
• Provide capital, community, education to
smart people (founders, investors)
• Build functional star...
Dinosaurs vs. Cockroaches

LEAN Startup: Simpler, Faster, Cheaper, Smarter
1996
”Big, Fat, Dinosaur Startup”
• Sun Servers...
Platforms:

Search, Social, Mobile,
Video, Messaging
How Many Startups
to Get to 1 Unicorn?
Perils of Becoming a Unicorn
(Before/After IPO)
2009 2016
Jeff Lawson, Founder/CEO Twilio (NYSE:TWLO)
The Unicorn “Hedge”
https://500hats.com/welcome-to-the-unicorn-hedge-2fd3c6b50f89
Q: Which is more overvalued? — 100 Unico...
99 VC Problems
But a Batch Ain’t 1
13
http://bit.ly/99VCProblems
Q: Chances of spotting
unicorn?/
a) 1%
b) 2%
c) 5%
d) 10%
e) ZERO
Chances of spotting
unicorn = ~1%/
If portfolio size = 15
companies/
/
If portfolio size = 30
companies
/
If portfolio size = 100
companies
500 Strategy: Lots of Little Bets*
1) make lots of little
bets on early-stage
startups when they’re
just getting started
3...
Startup Risk Reduction
Concept
Early
Customer
Usage
Scalable
Customer
Acquisition
[about to be]
Profitable
Unit
Economics
...
The Lean Investor
Make lots of little bets:
• Start with many small “experiments”
• Filter out failures + small wins
• Dou...
Investment Stage #1: 

Product Validation + Customer Usage
• Structure
– 1-3 founders
– $0-$100K investment
– Incubator en...
Investment Stage #2: 

Market Validation + Revenue Testing
• Structure
– 2-10 person team
– $100K-$1M investment
– Syndica...
Investment Stage #3: 

Revenue Validation + Growth
• Structure
– 5-25 person team
– $1M-$10M investment
– Seed & Venture I...
Building Startup Ecosystems
Critical Ecosystem Factors
• Optimism & Belief (“Silicon Valley”)
• Mentorship + Education (Knowledge)
• Universities + Co...
What’s Most Critical?
• You DON’T need to be in Silicon Valley, but…
• Silicon Valley Needs to be in YOU.
Questions? Comments?
• More Info?
– http://500.co (our company)
– http://500hats.com (my blog)
– https://angel.co/500start...
Prochain SlideShare
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The Unicorn “Hedge” https://500hats.com/welcome-to-the-unicorn-hedge-2fd3c6b50f89 Q: Farming Unicorns: Building Startup & Investor Ecosystems

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The Unicorn “Hedge”
https://500hats.com/welcome-to-the-unicorn-hedge-2fd3c6b50f89
Q: Which is more overvalued? — 100 Unicorn startups or Fortune 500?
TREND: Non-tech public companies buying innovation (aka Unicorns) as a
hedge against the value of their own stock.
Examples: Dollar Shave Club -> Unilever, Cruise -> GM, Jet.com -> Walmart.

Publié dans : Internet
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